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For the typical Filipino, buying a brand-new home seems like an impossible dream, especially with real estate prices soaring and salaries at a standstill. To many, renting a home seems to be the most practical option. Thus, affordability is crucial for Filipinos to achieve the right to adequate housing. Lamudi’s research shows that NCR households need at least 24% of their monthly income to buy a home.
Banks or the government may take ownership of a property when the buyer or owner fails to keep up with their loan’s amortization. The bank or government institution resells the property to recover from the amount the borrower owes on their defaulted loan. This then becomes a foreclosure for sale.
One of the main characteristics of foreclosed properties is their below-market value price. Foreclosures are often more affordable because of two reasons:
- To attract buyers and sell the property fast.
- The foreclosed property is sold in an as-is condition. While some are in good condition, some may be in less-than-ideal condition.
For those dreaming of becoming homeowners with a modest budget, you can make this a reality by considering foreclosures for sale. Acquired properties are also eyed by discerning property investors who want to score amazing deals as they diversify their real estate portfolio.
Here are four reasons to check out a foreclosed property for sale in the Philippines:
Score Lower than Market Value Properties
Based on Lamudi’s inventory of properties for sale, see the difference in prices between standard and foreclosed properties:
| Property Type | Normal Price Range | Foreclosure Price Range |
| House and Lot | Php 580,000 to Php 180 billion | Php 300,000 to Php 144 million |
| Condominiums | Php 580,000 to Php 499 million | Php 1.05 million to Php 225 million |
| Apartment | Php 2.3 million to Php 1.2 billion | Php 2.1 million to Php 35 million |
| Land | Php 300,000 to Php 710 billion | Php 89,700 to Php 1.5 billion |
| Commercial | Php 1 million to Php 16 billion | Php 1.8 million to Php 2.04 billion |
This table shows that foreclosures are sold more at “bargain” prices. This is so that institutions can immediately sell properties. Since they are sold on an as-is, where-is basis, inspect the property to identify what needs to be repaired. Add the cost of repairs to the overall price of the property to see if it is within your budget or if you are willing to spend that amount on the property of your choice.
Browse Through Plenty of Options to Choose From
Banks such as Security Bank have an inventory of foreclosed properties for sale. Their list of available foreclosures on the Lamudi website includes houses and lots, condominium units, and land.
Foreclosed Security Bank houses and lots for sale include single-detached homes, duplexes, and townhouse units perfect for couples to big families. If you are interested in buying this type of foreclosed property, it is best to prepare a budget of Php 1.64 million to Php 39.2 million.
A foreclosed Security Bank condo for sale is an ideal option for those looking for a modern home that can double as an income-generating investment. Foreclosed units include studio-type to sprawling one-bedroom units priced at Php 1.68 million to Php 17.5 million.
Security Bank’s foreclosed land for sale is the best option for discerning real estate investors who want to diversify their portfolio with a versatile property. These include residential, industrial, agricultural, and commercial lots priced at Php 1.06 million to Php 927 million.
Acquired properties offered by Security Bank are located in Metro Manila, Mega Manila, and different parts of Luzon to Visayas and Mindanao.
Experience Hassle-Free Financial Options
Purchasing a foreclosed property offered by Security Bank is easy. It takes four steps:
- Step 1: Select the property you are interested in. Look at the photos (if there are any) and inquire about the property.
- Step 2: Make an online offer by submitting the online form for the property you are interested in.
- Step 3: Wait for the confirmation. After all offers are evaluated, the awardees will be notified accordingly.
- Step 4: Provide payment within 5 banking days upon notification.
With Lamudi’s mortgage calculator available in each listing property, you can know the deposit price (often 20%) required for you to pay and the estimated monthly payment depending on your loan term. Another convenience is enrolling your purchase in a Security Bank housing loan to score better interest rates.
Own Amazing Properties
Browsing through foreclosed properties for sale is like rummaging through a treasure trove. You can find amazing properties in a highly strategic location such as an improved commercial lot in Tagaytay. Owning a property in Tagaytay is a dream, especially for investors who want to start a business and reside in the Second Summer Capital of the Philippines.
A Security Bank foreclosed property for sale might be your dream home or next big rental property.
Start your adventure towards being a homeowner or real estate investor by browsing the available Security Bank-acquired properties.
